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QUESTION:
Looking to reclaim $1500 in withheld gambling tax during a recent trip to Vegas
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david ingram replies:
To reclaim the 30% of income tax deducted, you need to get your very own ITIN. (Individual Taxpayer Identification Number) from the USA. Get this number by filling in form W7 which you can obtain at:
http://www.irs.gov/pub/irs-fill/fw7.pdf
The amount of $1,500 implies that you won $5,000 and that they withheld the 30% tax. However to get your money back you have to tell them that you also lost $5,000 and could be asked for receipts.
There is a further problem in that while you were busy losing the $5,000, you would have won more in between.
So, you have to reconstruct your total winnings and total losses.
If it turns out that you won a total of $8,000 and lot $7,000 there is a $1,000 gambling profit left over, you will be leaving$300 behind and getting $1,200 back as an example.
Hotel, car. bus, plane, entertainment and meal expenses do NOT count as deductions against the gambling winnings by the way. Because I do not gamble much but have been known to throw the odd quarter in a slot (maybe $10.00 since 1998) , if "I" won the $5,000l I would be leaving the $1,500 behind.
When your ITIN comes back and you have calculated your total winnings and losses, we would be glad to look after the return which is calculated on US form 1040NR which you can find at: http://www.irs.gov/pub/irs-fill/f1040nr.pdf
You cannot use THIS 1040NR, it is a 2002 form. You will have to wait until 2004 for the 2003 form to be available.
Your email address implies that you live in Calgary. We can do this by mail, email or fax.
I will likely be moving the office by the time you need it done so check this email address for the correct one at the time. At the moment, I am located at:
.
David Ingram of the CEN-TA REALTY Group
US / Canada / Mexico tax and working Visa Specialists
US / Canada Real Estate Specialists
108-100 Park Royal South
West Vancouver, BC, CANADA, V7T 1A2
(604) 980-0321 - Fax 913-9123 [email protected]
www.centa.com www.david-ingram.com
Disclaimer: This question has been answered without detailed information or consultation and is to be regarded only as general comment. Nothing in this message is or should be construed as advice in any particular circumstances. No contract exists between the reader and the author and any and all non-contractual duties are expressly denied. All readers should obtain formal advice from a competent and appropriately qualified legal practitioner or tax specialist in connection with personal or business affairs such as at www.centa.com. If you forward this message, this disclaimer must be included."
Be ALERT, the world needs more "lerts"
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